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NCB Arranges Over $28 Million in Financing for New York Area Housing in February

New York, New York (March 10, 2008) — NCB, the leading provider of financing to New York housing cooperatives, originated over $28 million in financing in February for 11 New York area properties. The financings included $16.8 million in mortgages and $11.8 million in lines of credit.  Edward Howe III, Managing Director of the NCB New York office, made the announcement.

“Financing activity for February more than doubled from the previous month’s volume,” said Edward Howe III, Managing Director of the NCB New York office. “This upward trend demonstrates that many New York area cooperatives are still eager to take advantage of the creative financing packages available in today’s market.”

NCB’s Senior Vice President Mindy Goldstein arranged a total of $13.5 million in loans during February, including a $5 million line of credit for a 30-unit co-op located at 720 Park Avenue in Manhattan; a $2.2 million first mortgage and a $2 million line of credit for a 25-unit co-op located at 271 Central Park West in Manhattan; a $2.2 million first mortgage and a $100,000 line of credit for a 54-unit co-op located at 190 East Mosholu Parkway in Bronx, NY; a $1 million first mortgage and a $200,000 line of credit for Teliman Holding Corp., a 4-unit co-op located at 100 Greene Street in Manhattan; and a $600,000 first mortgage and a $150,000 line of credit for Great Jones Current Project, Inc., an 8-unit co-op located at 39 Great Jones Street in Manhattan.

NCB’s Senior Vice President Sheldon Gartenstein arranged a total of $5 million in loans during February, including a $3.5 million first mortgage and a $500,000 line of credit for a 63-unit co-op located at 1050 Park Avenue in Manhattan; and a $700,000 second term mortgage and a $300,000 line of credit for a 75-unit co-op located at 3515 Henry Hudson Parkway in Riverdale, NY.

Mr. Howe arranged a total of $10.1 million in loans during February, including the largest deal of the month, a $6 million first mortgage and a $2 million line of credit for a 60-unit co-op located at 130 East 67th Street in Manhattan.  In addition, Mr. Howe originated a $1 million line of credit for an 84-unit co-op located at 1111 Midland Avenue in Bronxville, NY; a $600,000 second term mortgage for a 123-unit co-op located at 1900 Quentin Road in Brooklyn, NY; and a $500,000 line of credit for a 70-unit co-op located at 25 Plaza Street in Brooklyn, NY.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group.

 

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop